A new bill filed in Mexico’s federal legislature would legalize adult-use cannabis nationwide in an effort to curtail the financial impact of COVID-19 and kickstart a new revenue stream, both for individuals, and the country as a whole.
Mexican Sen. Julio Ramón Menchaca Salaza is banking on marijuana legalization to generate tax revenue and compensate for the economic damage caused by the coronavirus pandemic, benzinga.com reports.
Salazar, of the ruling Morena party, believes there are still details to discuss but the promotion of cannabis legalization will play an important role in economic recovery promoting tax collection and employment.
Farmers will also benefit as they would be free to cultivate both marijuana and industrial hemp.
Mexico has been on the path towards legalization for some time now, but after missing a legislative deadline late last year, concerns about the economic repercussions of COVID-19 has inspired lawmakers to put the pedal to the metal on financial relief initiatives, including a nationwide legal cannabis industry.